Renewal credit definition

Renewal credit means credit earned by a certificated employee for certificate renewal purposes.
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Renewal credit. A Renewal Credit Amount, shown above, is allocated as of the Date of Renewal Credit, shown above. The Renewal Credit Amount is allocated among the Subaccounts and Guaranteed Account Options according to the premium allocation schedule in effect on the Date of Renewal Credit. IN SECTION 9: FEES AND CHARGES, THE FIRST PARAGRAPH IS REPLACED BY THE FOLLOWING: SURRENDER CHARGE: The Surrender Charge is equal to the Renewal Credit Percentage, shown above, of the Renewal Credit Amount and to a percentage of each premium payment that is surrendered or withdrawn. The percentages applicable to a Renewal Credit Amount are shown above. The Surrender Charge is separately calculated and applied to the Renewal Credit Amount and to each premium payment at any time that a Renewal Credit Amount or premium payment is surrendered or withdrawn. No Surrender Charge applies to that portion of the Contract Account Value equal to the Free Withdrawal Amount or to the Contract Account Value in excess of the sum of the Renewal Credit Amount and aggregate premium payments as of the date of withdrawal or surrender, adjusted for prior withdrawals of either Renewal Credit Amount or premium payments. Form R1210 18 The Surrender Charge is calculated using the assumption that Contract Account Value is withdrawn in the following order: (1) the Free Withdrawal Amount for the Contract Year; (2) a pro-rata share of the Renewal Credit Amount; (3) aggregate premium payments (assuming a first-in, first-out basis); and (4) any remaining Contract Account Value. We determine the amount of the Renewal Credit Amount that is being withdrawn as the product of (a) and (b) where:
Sample 1

Examples of Renewal credit in a sentence

  • The contract is amended as of the Date of Endorsement as follows: IN SECTION 8: CREDITS, THE FOLLOWING PARAGRAPH IS ADDED: RENEWAL CREDIT: A Renewal Credit Amount, shown above, is allocated as of the Date of Renewal Credit, shown above.

  • Contract Number: Owner: : Renewal Credit Amount: Date of Endorsement: Date of Renewal Credit: Renewal Credit Recapture Base: RENEWAL CREDIT PERCENTAGES AGE IN YEARS PERCENT ------------ ------- 1 100% 2 100% 3 100% 4 100% 5 100% 6 80% 7 60% 8 40% 9 20% 10 & Up 0% As more fully set forth herein: 1.

Related to Renewal credit

  • Universal Credit means any payment of Universal Credit payable under the Welfare Reform Act 2012, the Universal Credit Regulations 2013, The Universal Credit (Consequential, Supplementary, Incidental and Miscellaneous Provisions) Regulations 2013, Universal Credit (Miscellaneous Amendments) Regulations 2013 and the Universal Credit (Transitional Provisions) Regulations 2014;

  • Dual credit means the system under which an eligible high school student enrolls in college course(s) and receives credit for the course(s) from both the college and high school.

  • Original Credit Agreement shall have the meaning assigned to such term in the recitals hereto.

  • Auto-Renewal Letter of Credit has the meaning specified in Section 2.03(b)(iii).

  • Material Credit Facility means, as to the Company and its Subsidiaries,

  • Principal Credit Facility means any loan agreement, credit agreement, note purchase agreement, indenture or similar document under which credit facilities in the aggregate original principal or commitment amount of at least $20,000,000 are provided for.

  • Additional Credit Party means each Person that becomes a Guarantor by execution of a Joinder Agreement in accordance with Section 5.10.

  • Credit means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment.

  • Extended Letter of Credit has the meaning given that term in Section 2.3.(b).

  • Credit Amount has the meaning set forth in Section 4.01(b)(ii).

  • Letter of Credit Termination Date means the fifth Domestic Business Day prior to the Termination Date.

  • Additional Credit Extension Amendment means an amendment to this Agreement providing for any Incremental Commitments which shall be consistent with the applicable provisions of this Agreement relating to such Incremental Commitments and otherwise reasonably satisfactory to the Administrative Agent and the Borrower.

  • Letter of Credit Amount the stated maximum amount available to be drawn under a particular Letter of Credit, as such amount may be reduced or reinstated from time to time in accordance with the terms of such Letter of Credit.

  • Bank Credit Facility means any credit agreement or working capital facility among the Company and/or its Subsidiaries and one or more lenders, as such credit agreement or working capital facility may be amended, renewed, extended, substituted, refinanced, restructured, replaced, supplemented or otherwise modified (including with other lenders) from time to time, regardless of whether any other credit agreement or working capital facility or any portion thereof was outstanding or in effect at the time of such amendment, renewal, extension, substitution, refinancing, restructuring, replacement, supplement or modification.

  • Term Loan Exposure means, with respect to any Term Loan Lender, as of any date of determination (a) prior to the funding of the Term Loan, the amount of such Lender’s Term Loan Commitment, and (b) after the funding of the Term Loan, the outstanding principal amount of the Term Loan held by such Lender.

  • Existing ABL Credit Agreement means that certain ABL credit agreement, dated as of April 19, 2013, among Petco Animal Supplies, Inc., the lenders party thereto, Bank of America, N.A., (as successor to Credit Suisse AG) as administrative agent, Xxxxx Fargo Bank, National Association, as collateral agent, and the subsidiaries of Petco Animal Supplies, Inc. from time to time party thereto, as amended by that certain First Amendment to the ABL Credit Agreement, dated as of November 21, 2014.

  • Auto-Extension Letter of Credit has the meaning specified in Section 2.03(b)(iii).

  • Loan Exposure means, with respect to any Lender, as of any date of determination, the outstanding principal amount of the Loans of such Lender; provided, at any time prior to the making of the Loans, the Loan Exposure of any Lender shall be equal to such Lender’s Commitment.

  • Company Credit Facility means the Credit Agreement, dated as of March 24, 2016, as amended and restated as of December 14, 2017, as further amended and restated as of May 7, 2019, as further amended and restated as of September 11, 2019, and as further amended and restated as of November 12, 2019, by and among Centene, the various financial institutions named therein, as lenders, and Wells Fargo Bank, National Association, as Administrative Agent, including any related notes, Guarantees, collateral documents, instruments and agreements executed in connection therewith, and in each case as amended, restated, modified, renewed, refunded, replaced or refinanced (in whole or in part) from time to time, whether or not with the same lenders or agent.

  • ABL Credit Facility means the agreement, dated as of March 30, 2015, among the Company, the Subsidiaries of the Company that borrow or guarantee obligations under such agreement from time to time, as “Credit Parties,” the lenders parties thereto from time to time and Bank of America, N.A., as agent (or its successor in such capacity), together with the related notes, letters of credit, guarantees and security documents, and as the same may be amended, restated, amended and restated, supplemented or modified from time to time and any renewal, increase, extension, refunding, restructuring, replacement or refinancing thereof (whether with the original administrative agent and lenders or another administrative agent, collateral agent or agents or one or more other lenders or additional borrowers or guarantors and whether provided under the original ABL Credit Facility or one or more other credit or other agreements or indentures).

  • Federal Credit means the Georgia Housing Tax Credit established by the federal government for the purpose of encouraging the development of affordable housing and governed by the Code.

  • Revolving Loan Exposure means, with respect to any Revolving Lender, as of any date of determination (a) prior to the termination of the Revolver Commitments, the amount of such Lender’s Revolver Commitment, and (b) after the termination of the Revolver Commitments, the aggregate outstanding principal amount of the Revolving Loans of such Lender.

  • Letter of Credit Reimbursement Agreement has the meaning specified in Section 2.4(e).

  • operational creditor means a person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred;

  • Revolving Credit Termination Date means the earlier to occur of (i) the Current Termination Date then in effect and (ii) the date of termination in whole of the Commitments pursuant to Section 2.05(a) or 6.01.